Don’t leave your family in a mess, make a will today
FAR too many older people risk bequeathing a financial mess to their loved ones because they have failed to write a will.
More than 700,000 over-75s have no will, nor do 1.5 million aged between 65 and 75, new research shows.
People are even less likely to take out a key legal document known as a Lasting Power of Attorney (LPA), which helps loved ones manage your health and wealth if you suffer from Alzheimer’s or dementia.
Seven in 10 over-75s have no LPA, equivalent to more than four million, while those aged 65 to 74 were even less likely to have one.
Stephen Lowe, group communications director at Just Group, which conducted the research to mark the end of Free Wills Month, said: “At its simplest, a will ensures your estate is shared out as you would wish.” Without a will your wealth will be divided up according to the rules of intestacy, which means the wrong people could benefit.
Lowe explained that LPAs can be more difficult for people to consider.
“It is tempting to think ‘dementia won’t happen to me’, but one in fourteen over-65s have it, rising to one in six over the age of 80.”
Ruth Driscoll, at end of life charity Marie Curie, called on families to have vital conversations.
“Talking about care and legacy can often help grieving loved ones feel they did all the right things at the end,” she said.
Katie Alsop, partner at Wright Hassall, said seek professional advice. “A homemade will isn’t as reliable as one created by a solicitor, which means it is more likely to be contested successfully.”